Gulf Energy Development Public Company Limited (GULF) announced that the company has increased its investment in PTT Natural Gas Distribution Company Limited (PTT NGD) by acquiring 2% of ordinary shares from CPB Equity Company Limited (CPBE) with a total investment value of THB130 million. The company entered into a Share Purchase Agreement with CPBE and proceeded with the transfer of shares on April 20, 2021. Subsequently, the shareholding in PTT NGD comprises PTT holding 58% and GULF holding 42%.
Previously in December 2020, GULF has acquired 40% of ordinary shares in PTT NGD, which resulted in the shareholding in PTT NGD after the share purchase in which PTT Public Company Limited (PTT) held 58%, GULF held 40% and CPBE held 2%.
PTT NGD was established in 1996 and operates a natural gas distribution business by investing in distribution pipeline systems to serve over 250 industrial customers in 13 industrial areas in the Bangkok Metropolitan Region and in Rayong province.